Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. reduced its holdings in Meta Platforms, Inc. (NASDAQ:META) by 11.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,515 shares of the social networking company’s stock after selling 2,564 shares during the quarter. Meta Platforms accounts for 1.8% of Sompo Asset Management Co. Ltd.’s portfolio, making the stock its 12th largest position. Sompo Asset Management Co. Ltd.’s holdings in Meta Platforms were worth $11,171,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in META. China Universal Asset Management Co. Ltd. lifted its holdings in Meta Platforms by 48.8% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,191 shares of the social networking company’s stock worth $23,886,000 after purchasing an additional 16,138 shares during the period. Cypress Asset Management Inc. TX lifted its stake in shares of Meta Platforms by 541.8% in the 1st quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock worth $1,862,000 after acquiring an additional 3,224 shares during the period. Redwood Investment Management LLC bought a new position in shares of Meta Platforms in the first quarter valued at approximately $1,829,000. Creekmur Asset Management LLC increased its stake in shares of Meta Platforms by 59.6% during the first quarter. Creekmur Asset Management LLC now owns 1,026 shares of the social networking company’s stock valued at $498,000 after acquiring an additional 383 shares during the period. Finally, Clear Point Advisors Inc. raised its holdings in Meta Platforms by 7.8% during the first quarter. Clear Point Advisors Inc. now owns 1,036 shares of the social networking company’s stock worth $503,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Up 1.1 %

Shares of META stock opened at $565.11 on Tuesday. The company has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 26.62, a PEG ratio of 1.23 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock’s 50 day simple moving average is $573.38 and its 200 day simple moving average is $525.35. Meta Platforms, Inc. has a twelve month low of $313.66 and a twelve month high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The business had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. As a group, research analysts predict that Meta Platforms, Inc. will post 22.62 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 9.42%.

Insider Transactions at Meta Platforms

In other news, COO Javier Olivan sold 620 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $345,340.00. Following the sale, the chief operating officer now owns 19,992 shares in the company, valued at approximately $11,135,544. This trade represents a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $520.00, for a total transaction of $470,600.00. Following the transaction, the insider now owns 38,722 shares of the company’s stock, valued at approximately $20,135,440. The trade was a 2.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 118,218 shares of company stock worth $65,819,414. Company insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

META has been the topic of several research analyst reports. Piper Sandler lifted their price target on Meta Platforms from $575.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Susquehanna lifted their target price on Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a report on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a report on Wednesday, October 16th. Stifel Nicolaus boosted their target price on shares of Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Meta Platforms Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.